CATEGORY: Economic Snapshots
While in 2016 the world’s fastest-growing economies suffered due to low commodity prices and currency depreciations, Dubai still enjoyed steady GDP growth at around 4% and an increased drive towards consolidating its position as a knowledge-based economy.
The story of Kuwait’s economy, like so many of its neighbours, has been dominated by oil and, before that, by pearling and fishing, so it is little surprise that Kuwait Vision 2035 draws on the country’s trading past to secure its future. Large-scale infrastructure projects and increased private sector participation in the local economy should help the country navigate challenging external economic conditions.
Major developments in recent years - including the fall in global oil prices and the floating of the naira - have catalysed renewed focus on strengthening the Nigerian economy. Including accelerating diversification efforts, capitalising on the country's large population and promoting growth in the private sector.